6th Mar 2017 07:00
For Immediate Release, Embargoed until 7 am
6 March 2017
LGO ENERGY PLC
("LGO" or the "Company")
Spud Well of GY-682, Goudron Field, Trinidad
LGO is today pleased to confirm that well GY-682 was spudded on Saturday 4 March 2017 at the Goudron Field in eastern Trinidad. Site preparation work at location H18E N4 was completed during the week and Rig#18 was accepted onto contract and commenced drilling operations immediately. Well GY-682 is the first of a number of planned Mayaro Sandstone infill production wells. Rig#18 has initially been contracted for two wells as part of a larger programme of infill wells planned to be drilled in 2017.
Well GY-682, is targeting a net 200-foot thick Mayaro Sandstone pay interval at a depth between 300 and 1,000 feet depth and the well is anticipated to be completed for production immediately after drilling operations are concluded. Rig#18 will then be moved to the second planned location, H18E G11(5) which is expected to be designated as GY-683.
Qualified Person's Statement:
The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for LGO Energy plc, who has over 38 years of relevant experience in the oil industry. Mr. Ritson is a member of the Society of Petroleum Engineers (SPE), an Active Member of the American Association of Petroleum Geologists (AAPG) and is a Fellow of the Geological Society of London (BGS).
Enquiries:
LGO Energy plc | +44 (0) 203 794 9230 |
Neil Ritson | |
Fergus Jenkins | |
Beaumont Cornish Limited | +44 (0) 20 7628 3396 |
Nomad | |
Roland Cornish | |
Rosalind Hill Abrahams | |
FirstEnergy Capital LLP | +44 (0) 20 7448 0200 |
Joint Broker | |
Jonathan Wright | |
David van Erp |
Glossary:
pay and net pay | a reservoir or portion of a reservoir formation that contains economically producible hydrocarbons. The overall interval in which pay sections occur is the gross pay; the portion of the gross pay that meets specific criteria such as minimum porosity, permeability and hydrocarbon saturation are termed net pay |
Mayaro Sandstone | alternative name for the Goudron Sandstones occurring at stratigraphic intervals above the pre-Mayaro unconformity |
spud or spudding in | spudding is the process of beginning to drill a well in the oil and gas industry. Initially a surface hole is created before the main drill bit is inserted and starts drilling the main well-bore; this is referred to as spudding or as spudding in |
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